Chicago, Feb. 17 – Credit Suisse Asset Management, LLC refinanced $642.5 million from three classes of notes from the vintage Madison Park Funding XVII Ltd. collateralized loan obligation deal, according to a market source.
The refinanced transaction, due July 22, 2030, includes $507 million of class A-R-2 floating-rate notes at Libor plus 100 basis points, $92 million of class B-R-2 floating-rate notes at Libor plus 150 bps and $43.5 million of class C-R-2 deferrable floating-rate notes at Libor plus 190 bps.
The class D-R deferrable floating-rate notes and the class E-R deferrable floating-rate notes are still outstanding.
The CLO is collateralized primarily by syndicated senior secured corporate loans.
Credit Suisse will continue to manage the CLO.
There is one year and four months left on the reinvestment period.
The original transaction was issued on May 21, 2015 and was refinanced the first time on June 15, 2017.
Benchmark replacement language was included in the refinancing.
Credit Suisse Asset Management is a unit of Credit Suisse Group AG.
| Issuer: | Madison Park Funding XVII Ltd.
|
| Amount: | $642.5 million
|
| Maturity: | July 22, 2030
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Announcement date: | Feb. 16
|
|
|
| Class A-R-2 notes
|
| Amount: | $507 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-R-2 notes
|
| Amount: | $92 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-R-2 notes
|
| Amount: | $43.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | Moody's: A2
|
|
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